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Selling to Banks: The New Toaster
Selling inkjet printing successfully is not a matter of understanding what a particular company within a vertical buys (i.e. their print needs) but rather what their challenges are (i.e. their business needs) and what you can do to solve them. Using this approach allows you to finish the sentence that starts, "The purpose of my call" with an idea, such as what's discussed below, rather than the words "to find out who buys your print." With that in mind, we offer the following selling opportunity…
Once upon a time, long ago, it was standard operating procedure for banks to solicit new business by handing out gifts to anyone who opened an account. There were toasters and blenders and even crystal. When his brother got married, Bill opened so many accounts ($25 at a time), he was able to create a fantastic wedding gift (right after he learned what the word "crystal" meant).
Today, banks have upped their game.
According to the Wall Street Journal, in 2018 there were 15 banks in the United States that sent out 5 million or more mailing pieces in an effort to solicit new business. This time, the pitch sounded something like this:
"Open a new account with us by depositing $5000 or more. Leave it there for 90 days and will send you a check for $300."
Perhaps you, yourself, have received a similar offer in the mail. Thinking nothing of it, you threw it away and didn't give it another thought until now.
The offering might be different, but the need is the same: Banks are trying to poach business from other banks only now they are baiting the hook with cash.
The Opportunity: Do you have a bank prospect in mind? Check out their website and see if there are any clues as to what they are doing to attract new business. In addition, spread the word around the plant, asking people to save any offers they get. You might also call the American Banking Association and ask if they know of any members who have used this approach successfully.
Watch the video here.
Bill Farquharson is a sales trainer for the graphic arts. He can be found at BillFarquharson.com
Kelly Mallozzi is a content creator for the graphic arts. She can be found at SuccessInPrint.net